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China stocks mixed in Asia on June 23

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Asia_2 June 23, 2010 (Chinavestor) Investors in Hong Kong shrugged off weak U.S. housing data and continued to snap up undervalued China stocks on Wednesday. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 37.5 points or 0.2 percent to 20,856.61. Citigroup (NYSE:C) upgraded Huaneng Power Int. (HKG:0902) (NYSE:HNP), the largest Chinese independent power producer, to "buy" from "hold" increasing target price to HK$ 5.50 from HK$5 a share. The company reported record daily power output for May 2010, an increase of 35 percent from last year. Huaneng Power H-shares (HKG:0902) rose to HK$4.50 on Wednesday. Huadian Power (HKG:1071), a large hydro power producer from the south, jumped 6.1 percent following abundant rain in the region.

Aluminum Corp. of China (HKG:2600) (NYSE:ACH), the third largest aluminum maker of the world, succumbed to profit taking after a 6 percent advance earlier the week. Yanzhou Coal (HKG:1171) (NYSE:YZC), the third largest Chinese coal miner, fell 3.4 percent as energy prices slumped.

Traders were concerned about tightening policies on the Mainland sending the Shanghai Composite Index (SHA:000001) 18.8 points or 0.7 percent lower to 2,569.87 by the close. Steel companies fell the hardest following news that export tax rebates will shrink for steel and iron. Baoshan Inron & Steel (SHA:600019), the largest Chinese steel company, fell 2.7 percent while Wuhan Iron & Steel (SHA:000005) shed 1.3 percent.

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Index futures point to a higher open for U.S .equities, helping Chinese ADRs along the way. Based on its Hong Kong performance, expect Huaneng Power (NYSE:HNP) to outperform the market while Yanzhou Coal (NYSE:YZC) is expected to feel a pinch.

Oversold stocks might pop while momentum China ADRs are expected to extend their rally. For a detailed stock specific analysis visit the Overbought/Oversold section of Chinavestor.com.



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